1. Technical Field
The invention relates generally to generating a data mining model, and more specifically, to a computerized method, system and program product that generate an optimized data mining model based on objectives for the data mining model.
2. Related Art
As businesses increasingly rely upon computer technology to perform essential functions, data mining is rapidly becoming vital to business success. Specifically, many businesses gather various types of data about the business and/or its customers so that operations can be gauged and optimized. Typically, a business will gather data into a database or the like and then utilize a data mining tool to mine the data.
Generation of a data mining model is an iterative and complex process that requires a great deal of knowledge about data distribution, data characteristics, mining functions, mining algorithm parameters, and the like. Typically, a business client will set objectives for the data mining model, an information technology (IT) specialist that understands the data distribution will generate sample data, and a mining expert will select a data mining model defined by a mining function, algorithm, and tuning parameters. In order to meet the stated objectives, the sample data can be fitted to the data mining model by the mining expert. For example, the mining expert may adjust one or more tuning parameters to modify the algorithm.
The current process for generating a data mining model is inefficient and prone to error for several reasons. For example, various individuals (e.g., business client, IT specialist, mining expert) must provide input and perform actions at various stages of the development of the data mining model. When human interaction is required, a misunderstanding becomes more likely, which can result in an erroneous model that does not assist, and may even impede, the business from exploiting a potential revenue stream. Further, the extensive amount of human actions make the process time consuming, inconsistent from model to model, and costly.
As a result, a need exists for a computerized solution for generating a data mining model. In particular, a need exists for a computerized method, system and program product for generating a data mining model based on objectives for the data mining model.